CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 3,590,000 shares, a growth of 63.2% from the March 15th total of 2,200,000 shares. Based on an average daily volume of 291,700 shares, the days-to-cover ratio is currently 12.3 days. Approximately 13.6% of the company’s shares are sold short.
Hedge Funds Weigh In On CARGO Therapeutics
Several large investors have recently made changes to their positions in CRGX. Legal & General Group Plc acquired a new stake in CARGO Therapeutics during the 4th quarter worth approximately $232,000. Goldman Sachs Group Inc. acquired a new stake in CARGO Therapeutics during the 4th quarter worth approximately $287,000. Northern Trust Corp acquired a new stake in CARGO Therapeutics during the 4th quarter worth approximately $877,000. Norges Bank acquired a new stake in CARGO Therapeutics during the 4th quarter worth approximately $1,130,000. Finally, Sphera Funds Management LTD. acquired a new stake in CARGO Therapeutics during the 4th quarter worth approximately $1,736,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Jefferies Financial Group upped their price objective on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, March 22nd.
CARGO Therapeutics Trading Up 2.7 %
Shares of CRGX stock opened at $21.58 on Friday. The business has a 50 day moving average of $24.30. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92.
About CARGO Therapeutics
CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients in the Unites States. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate, which is in phase 2 trails, designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.
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